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An account pays 7% per year simple interest. In year 1, the amount in the account is $950. How much is in the account in year 6? a.$1316.27B.$1282.50C.$1256.50D.$1332.42

An account pays 7% per year simple interest. In year 1, the amount in the account is $950. How much is in the account in year 6? a.$1316.27B.$1282.50C.$1256.50D.$1332.42
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An account pays 7% per year simple interest. In year 1, the amount in the account is $950. How much is in the account in year 6?

a.$1316.27B.$1282.50C.$1256.50D.$1332.42

asked
User Ian Pinto
by
8.4k points

1 Answer

2 votes
Period for pay = 5 years
% interest = 7%
Principal amount = $950

Amount of Interest

7/100 × 950 ×5
= $332.50

Amount after interest

$950 + 332.50 = 1282.50


Answer = $1282.50
answered
User Chakradar Raju
by
8.2k points
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